Cornerstone Brief exercise 3-29 Hi, I am stuck on how to solve the problem attached. Could you please help me figure it out?
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Cornerstone Brief exercise 3-29 Hi, I am stuck on how to solve the problem attached. Could you please help me figure it out?
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- 1, Journalize the transactions listed below and post to the ledger accounts. Omit explanations. Jan20 Received $8,000 from Frederick Lombart, a customer. These fees were ralated to services rendered to improved his office's lobby. Jan25 Recored $12,000 ( net 60) decorating fees revenue earned on account from Roberto Andriani, a long-time customer who wanted to enhance his residence's decor. Jan30 Issued Check No. 104 for $190 to pay the utilities bill for month. Jan30 Issued Check No. 105 for $300 in payment of the telephone bill for month. Jan30 Issued Check No. 106 for $200 for postage Jan30 Issued Check No. 107 for $450 for business automobile expense. Jan30 Issued Check No. 108 for $5,600 to Sophia LeBron for salary. (payroll taxes are not considered in this entry. Transactions in later months will show you how to journalize payroll tax deductions and expenses.)Please donot provide solution in image format and provide solution in step by step format and provide it asap OСТ: 10/1 - $1,500 rent check cut & mailed to landlord for office 10/3 - $213 Office supplies ordered online using Office Depot credit account 10/5 - $5,000 payment received from client/customer for services provided in Oct 10/7 - $2,050 payroll direct deposited to employees 10/15 - $10,000 payment received from client/customer for services provided in Oct 10/22 - $2,050 payroll direct deposited to employees NOV: 11/2 - $1,500 rent check cut & mailed to landlord for office 11/4 - $6,000 services rendered to client/customer but not yet paid 11/7 - $2,050 payroll direct deposited to employees 11/13 - $45,000 small biz loan obtained (5% APR, 2 years int only, 365 basis) 11/22 - $2,050 payroll direct deposited to employees 11/30 - $3,013 annual business insurance renewed (policy covers Dec - Nov) DEC: 12/1 - $1,500 rent check cut & mailed to landlord for office 12/7 -…II. Computational. Look for the balances of the different accounts using the following transactions. A) Received P12,700 cash advance from CMON DEE for the work to be completed within three weeks. B) Received P4,650 cash for services completed for Pogi Q. C) Paid P2,300 cash for the office equipment. Look for the balance of assets.
- II. Computational. Look for the balances of the different accounts using the following transactions: A) Bought office equipment amounting to P5,000. B) Collected P7,800 cash for the work completed. C) Received P6,000 cash advance from clients. The service is to be rendered before the end of the month. D) Received P9,000 cash from clients on credit. E) Bought office supplies on credit amounting to P2,500. Look for the balance of obligations.Hi, Need some help with this one as well Brief Exercise 3-29 (Algorithmic)Revenue and Expense Recognition Lauhl Corporation provides janitorial services to several office buildings. During April, Lauhl engaged in the following transactions: On April 1, Lauhl received $69,000 from Metro Corporation to provide cleaning services over the next 6 months. On April 5, Lauhl purchased and received $8,500 of supplies on credit from Eagle Supply Company. During the month, Lauhl paid $5,000 to Eagle and used $1,300 of the supplies. On April 20, Lauhl performed one-time cleaning services of $3,000 for Jones Company. Jones paid Lauhl the full amount on May 10. On April 30, Lauhl paid employees wages of $4,900. An additional $850 was owed to employees for work performed in April. Required: 1. Calculate the amount of net income that Lauhl should recognize in April under cash-basis accounting.$ 2. Calculate the amount of net income that Lauhl should recognize in April under accrual-basis…FE16 From the following transactions as well as additional data, please complete the entire accountingcycle (including of preparing a post-closing trial balance) for Carryon’s Plumbing201X Jan1 Carryon invested $104,900 cash and $82,000 worth of plumbing equipment into the plumbingcompany.1 Paid rent for eight months in advance for garage space. Rent per month is $3,250.4 Purchased office equipment on account from Daisy Corp., $42,610.
- Ex5.19From the following accounts (not in order), prepare a post-closing trial balance for Winter Co. onOctober 31, 201X. Note: These balances are before closing.Accounts Receivable $19,950P. Winter, Capital $45,300Legal Supplies 9,700P. Winter, Withdrawals 3,000Office Equipment 54,400Legal Fees Earned 28,000Repair Expense 2,700Accounts Payable 48,000Salaries Expense 1,550Cash 30,000Adjustment Dataa. Insurance expired, $100.b. Dance supplies on hand, $1,100.c. Depreciation on dance equipment, $2,000.d. Salaries earned by employees but not to be paid until October, $1,000.Your task is to do the following:1. Prepare a worksheet.2. Journalize adjusting and closing entries.FE16 From the following transactions as well as additional data, please complete the entire accountingcycle (including of preparing a post-closing trial balance) for Carryon’s Plumbing201X Jan1 Carryon invested $104,900 cash and $82,000 worth of plumbing equipment into the plumbingcompany.1 Paid rent for eight months in advance for garage space. Rent per month is $3,250.4 Purchased office equipment on account from Daisy Corp., $42,610. 6 Purchased supplies for $12,455 cash.8 Collected $39,000 from plumbing local shopping centers.12 Chris withdrew $23,050 from the business for his own personal use.20 Repaired Alton Co. parking lots, payment not to be received until March, $9,200.26 Paid salaries to employees, $10,285.28 Paid Daisy Corp. one-half amount owed for office equipment.29 Advertising bill received from bigtime Co. but will not be paid until May, $3,740.30 Paid telephone bill, $1,030Adjustment Dataa. Supplies on hand, $1,310.b. Rent expired, $3,250.c. Depreciation on office…Score: 0 of 10 pts 2of9(o complete) | Hw Score: 0%, 0 of S2-10 (similar to Question Hel After operating for several months, architect Kyle Farnsworth completed the following transactions during the latter part of August Aug 15 22 28 29 31 Borrowed $65,000 from the bank, signing a note payable. Performed service for clients on account totaling $17,400 Received $8,000 cash on account from clients. Received and paid a utility bill of $1,300 Paid monthly salaries of $5,000 to employees. Journalize the transactions of Kyle Farnsworth, Architect. Include an explanation with each journal entry On August 15, Kyle Farnsworth borrowed $65,000 from the bank, signing a note payable. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Journal Entry Date Accounts and Explanations
- Multiple choice: 1. A business purchased equipment for ₱10,000 but deliberately reported it as ₱100,000. Which of the following principles is most likely not violated? A. Free from error B. Historical cost C. Materiality D. Faithful representation 2. These users need accounting information in order to regulate businesses that are within the scope of their legal authority. A. Auditors B. Government regulatory bodies or agencies C. Employees D. CreditorsJournalize the following five transactions for Nexium & Associates, Inc. Omit explanations. Mar. 1 Invoiced client for services provided on account, $800. 9 Purchased office furniture ($1,060) and office supplies ($160) on account from Corner Office, Inc., receiving an invoice for $1,220. 15 Paid Corner Office, Inc. for the furniture and office supplies delivered on March 9. 23 Paid utility bill for the month, $430. 31 Paid salaries of $850 are paid to employees. If an amount box does not require an entry, leave it blank. Mar. 1 fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 Mar. 9 fill in the blank 8 fill in the blank 9 fill in the blank 11 fill in the blank 12 fill in the blank 14 fill in the blank 15 Mar. 15 fill in the blank 17 fill in the blank 18 fill in the blank 20 fill in the blank 21 Mar. 23 fill in the blank 23 fill in the blank…Ex5.171. Journalize transactions and post to ledger.2. Prepare a worksheet.3. Prepare fi nancial statements.4. Journalize adjusting and closing entries and prepare a post-closing trial balance.Assets Owner’s Equity111 Cash 311 Rolo Kern, Capital112 Accounts Receivable 312 Rolo Kern, Withdrawals114 Prepaid Rent 313 Income Summary115 Office Supplies Revenue121 Office Equipment 411 Fees Earned122 Accumulated Depreciation, Office Equipment ExpensesLiabilities 511 Salaries Expense211 Accounts Payable 512 Advertising Expense212 Salaries Payable 513 Rent Expense514 Office Supplies Expense515Depreciation Expense, Office Equipment201XJan. 1 Rolo Kern invested $1,200 cash and $100 of offi ce equipment to open Rolo Co.1 Paid rent for three months in advance, $300.4 Purchased offi ce equipment on account, $50.6 Bought offi ce supplies for cash, $40.8 Collected $400 for services rendered.12 Rolo paid his home electric bill from the company checkbook, $20.14 Provided $100 worth of services to…